GBP/USD Market Analysis, Sept 05, 2011

Written by AshiInvestments | September 5, 201112:13 UTC
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GBP/USD is heading toward retest of 1.6111 support zone and now is trading just above it. The intraday bias remains bearish for the moment. Sellers accumulate power to pin the 1.6111 strong support level if they lose strength GBP/USD would formed double bottom which is in favor for the rebound of 1.5786. If price break below 1.6111 this will signal that rebound will correct further more. After breaking this level price is targeting towards 1.6004 further decline toward 1.5786 could be seen after breaking  this support.  Rebound to continue test and  trade above its intraday trend line is needed. If price have positive break GBP/USD is facing first target at 1.6455.

 

 

Daily Pivots: Pivot Point – 1.6159, 1st Support – 1.6122, 1st Resistance – 1.6185

 

gbpusd sept 05 2011 GBP/USD Market Analysis, Sept 05, 2011

 

 

 


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